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MTN Awards Nigeria CEO Karl Toriola ₦463.7m in Shares to Retain Nigeria CEO

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MTN Awards Nigeria CEO Karl Toriola ₦463.7m in Shares to Retain Nigeria CEO

MTN Group grants Nigeria CEO Karl Toriola performance shares worth ₦463.7m as part of its long-term strategy to retain leadership amid regulatory and economic challenges

MTN doubles down on leadership stability in Nigeria with a high-value equity reward for its top executive

MTN Group has awarded its Nigeria CEO, Karl Toriola, performance shares worth approximately ₦463.7 million ($335,000), underscoring the telecom giant’s commitment to retaining key leadership in one of its most strategic markets.

The award, disclosed in a regulatory filing on Tuesday, forms part of MTN’s 2010 Performance Share Plan (PSP)—a long-term incentive scheme designed to align executive performance with shareholder value across the group.

Toriola received 28,704 shares valued at R5.5 million (about $335,000). However, when combined with additional long-term incentives tied to MTN Nigeria’s local compensation structure, the total value rises significantly in naira terms.

This equity-based reward structure is aimed at reinforcing long-term commitment while reducing the risk of leadership turnover—especially in high-stakes markets like Nigeria and Ghana. Together, both countries account for 46.8% of MTN Group’s service revenue, despite ongoing regulatory and macroeconomic pressures.

The broader allocation, exceeding R150 million ($9.1 million) across executives, comes shortly after the close of Q1 2026 and signals strong confidence in MTN’s leadership bench despite currency volatility across key African markets.

At the group level, CEO Ralph Mupita received the largest portion, with 207,633 shares valued at nearly R40 million ($2.4 million). Other senior leaders—including Ebenezer Asante and Tsholofelo Molefe—also benefited from substantial equity grants.

Crucially, these shares are not immediately accessible. They are tied to a three-year vesting period ending in December 2028 and remain subject to strict performance conditions. These targets are expected to include benchmarks linked to fintech expansion, 5G rollout, and overall competitiveness. Failure to meet these metrics could result in partial forfeiture of the awards.

The filing also highlights MTN’s dual-incentive approach for Nigerian executives. In addition to group-level shares, leaders such as Toriola and MTN Nigeria CFO Modupe Kadri receive equity tied directly to the local subsidiary—further aligning their performance with Nigeria-specific outcomes.

Wema Bank Posts ₦221.85bn PBT in FY2025, Declares ₦1.25 Dividend as Assets Hit ₦5tn

Lukman Omikunle
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Wema Bank Posts ₦221.85bn PBT in FY2025, Declares ₦1.25 Dividend as Assets Hit ₦5tn

Wema Bank Releases Full Year 2025 Audited Financial Results

…Declares ₦221.85bn Profit Before Tax, ₦1.25 Dividend, Total Assets hit ₦5 trillion mark.

Wema Bank, Nigeria’s oldest indigenous bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has released its FY 2025 Audited Financial Results, achieving record-breaking growth and unparalleled performance across several key metrics.

Key figures include the doubling of the Bank’s Profit Before Tax (PBT) from ₦102.5bn in FY 2024 to ₦221.9bn, an impressive 116.4% increase. Profit After Tax (PAT) also surged by 125.4% from FY 2024’s ₦86.2bn to ₦194.5bn. Total assets also reached the 5 trillion mark, with the attainment of ₦5.07tn, a 41.5% increase from FY 2024’s ₦3.59tn, reflecting a growingly resilient balance sheet. Gross earnings increased by 52.8% to ₦660.6 billion from ₦432.3 billion in FY 2024, a feat driven largely by a 62.7% growth in interest income, reflecting improved yields on earning assets and growth in the loan book.

Customer deposits grew by 30.3% to ₦3.29 trillion from ₦2.52 trillion in FY 2024, demonstrating sustained customer confidence. This growth in deposits provided stable funding for asset growth while supporting liquidity and balance sheet resilience. Net interest income more than doubled, rising by 103.9% to ₦361.0 billion, supported by improved asset pricing and balance sheet expansion. Non-interest income also grew modestly by 8.3% to ₦85.3 billion. Net loans and advances increased by 44.7% to ₦1.74 trillion, up from ₦1.20 trillion in FY 2024, thus reflecting Wema Bank’s continued support for key sectors of the economy while maintaining a disciplined risk management approach. Overall, Wema Bank is set to pay dividend per share of N1.25.

Commenting on the remarkable performance, Wema Bank’s Managing Director/Chief Executive Officer, Moruf Oseni, reiterated the Bank’s unwavering commitment to sustaining its impressive growth momentum and delivering superior value to all stakeholders. According to him, “Wema Bank has delivered one of the strongest growth trajectories in its history. From a Profit Before Tax of ₦14.75 billion three years ago, we grew to ₦43.59 billion in 2023 and reached ₦102 billion in 2024. In 2025, we have taken an even bolder step forward, recording a Profit Before Tax of ₦221 billion. Our Total Assets, which hit the ₦1tn mark in 2021, surpassed ₦3tn in 2024, standing at a staggering ₦5tn as of FY2025. This overall performance not only speaks strongly of Wema Bank’s exceptional financial strength and capacity for sustained growth, but also reflects disciplined execution, a resilient business model, and the unwavering commitment of our people”.

“As of September 2025, Wema Bank successfully surpassed the ₦200bn recapitalisation minimum threshold for commercial banks with national authorisation. Our FY2025 Financial Results only corroborate what has become abundantly clear—Wema Bank is here not just to stay, but to lead the future of banking in Africa. Our 80th anniversary celebration in 2025 marked a fitting commemoration of our 80 years of impact in the finance industry and beyond. With the launch of ‘ALAT: The Evolution’, the upgraded version of our pioneering fully digital bank, ALAT, we not just redefining the digital banking experience with enhanced intelligence, personalisation and flexibility; we ushering Africa into a future filled with profound possibilities”, Oseni concluded.

Wema Bank is a leading financial services entity with banking operations across Nigeria and the globe, through its trailblazing innovative solution, Africa’s first fully digital bank, ALAT. From surpassing the recapitalisation benchmark set by the Central Bank of Nigeria (CBN) to maintaining an unparalleled growth trajectory over the past 5 years, Wema Bank has proven itself stronger than ever—numbers perpetually skyrocketing.

The Bank’s position as leading innovative bank further proves that it is not only able to meet the prevalent needs of its customers but also equipped to anticipate and meet evolving needs as digital banking continues to reshape the finance industry.

“2027 Elections: INEC Warns Broadcasters—‘Airwaves Must Not Become Weapons of Misinformation’”

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“2027 Elections: INEC Warns Broadcasters—‘Airwaves Must Not Become Weapons of Misinformation’”

The Independent National Electoral Commission (INEC) has issued a strong warning to broadcast media organisations, stressing their pivotal role in protecting Nigeria’s democracy as the country prepares for the 2027 general elections.

Speaking at the 81st General Assembly of the Broadcasting Organisations of Nigeria (BON) in Abuja on Wednesday, INEC Chairman, Prof. Joash Amupitan, called on broadcasters to uphold the highest standards of fairness, professionalism, and accuracy in political coverage.

Amupitan described the media as the backbone of democratic expression, cautioning that how the airwaves are managed under the Electoral Act 2026 will significantly influence public trust and electoral credibility.

“Your airwaves have become the primary infrastructure of our democracy,” he said. “If they are clear, the nation sees the truth; if clouded by misinformation, the sovereign will of the people is threatened.”

Highlighting key provisions of the Electoral Act 2026, the INEC boss reiterated that all political parties and candidates must be granted equal access to media platforms. He also warned against the misuse of state-owned media for partisan advantage.

According to him, the law clearly stipulates that state resources, including media outlets, must not be used to favour or disadvantage any political actor. He further noted that broadcast time must be evenly allocated to parties at comparable hours.

Amupitan also cautioned media organisations against airing inflammatory content, stressing that political messaging must not include language capable of inciting ethnic, religious, or sectional tensions.

The commission reminded broadcasters of restrictions on campaign publicity close to election day, noting that any form of political broadcast or advertisement within 24 hours before or on polling day constitutes an offence.

Despite acknowledging improvements introduced by the Electoral Act 2026, Amupitan raised concerns over enforcement challenges, regulatory overlaps, and the growing influence of digital platforms, warning that these factors could weaken compliance.

To address these gaps, he proposed stronger collaboration among stakeholders, including INEC, BON, security agencies, and the judiciary, to ensure accountability and effective enforcement.

With preparations intensifying, the commission revealed that only 283 days remain until the Presidential and National Assembly elections scheduled for January 16, 2027, while governorship and state assembly elections will follow 304 days later.

Amupitan urged broadcasters to take proactive steps in combating misinformation, encouraging real-time fact-checking to prevent the spread of fake news.

“Do not wait for post-mortem analysis,” he said. “Stop falsehoods on your morning shows before they reach the afternoon news.”

He also challenged media executives to promote voter participation, warning that declining voter turnout poses a serious threat to democracy.

On ethical conduct, the INEC chairman cautioned against prioritising profit over public interest, urging broadcasters to resist the lure of lucrative political advertising at the expense of balanced reporting.

In a stark warning, Amupitan described misinformation as the most dangerous threat in the upcoming elections.

“The greatest weapon in 2027 will not be a gun, but a lie spread by a smartphone and amplified by an uncritical broadcast station,” he said.

He concluded by urging the media to preserve the integrity of Nigeria’s information space, ensuring that the airwaves serve as a platform for truth rather than a channel for chaos as political activities gather momentum.

Pasuma Pays Emotional Tribute as Family Marks Mother’s 3rd Remembrance Anniversary

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Pasuma Pays Emotional Tribute as Family Marks Mother’s 3rd Remembrance Anniversary

“The late matriarch was celebrated not only as a mother but as a sanctuary, first love, and “bravest warrior”

Adijatt Kubura, Late Pasuma’s mother

PASUMA PAYS EMOTIONAL TRIBUTE AS FAMILY MARKS THIRD ANNIVERSARY OF ADIJAT KUBURA IYAWO ANOBI’S PASSING

Family, friends, and well-wishers on Tuesday, April 7, 2026, gathered in solemn reflection to mark the third anniversary of the passing of Adijat Kubura Iyawo Anobi, remembered as a loving mother, pillar, and source of strength to many.

In a heartfelt tribute released by the family, her enduring impact was described as one that continues to resonate deeply, even three years after her demise.

“It has been three years since her voice last filled our home and her laughter warmed our hearts. Yet, not a single day has passed without her crossing our minds,” the tribute read.

The late matriarch was celebrated not only as a mother but as a sanctuary, first love, and “bravest warrior” whose legacy lives on through cherished memories and the lives she touched.

In a significant show of respect and remembrance, Fuji music legend Wasiu Alabi Pasuma also took to his official X (formerly Twitter) handle on Tuesday to honour the deceased with an emotional tribute, further highlighting her influence beyond her immediate family.

Family members expressed comfort in the outpouring of love and remembrance, noting that while the pain of her absence has softened over time, the sense of loss remains profound.

They prayed for her continued rest in Jannah, expressing hope that her legacy of love, strength, and compassion will never be forgotten.

Adijat Kubura Iyawo Anobi is fondly remembered as “loved, missed, and never forgotten,” with her memory living on eternally in the hearts of those she left behind.

Okpebholo Rallies Edo Youths as Army Recruitment Falls Short of Quota

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Okpebholo Rallies Edo Youths as Army Recruitment Falls Short of Quota

Governor Monday Okpebholo has taken urgent steps to address the low turnout of applicants from Edo State in the ongoing Nigerian Army recruitment exercise, following reports that only 291 candidates have applied for an expected quota of 300 to 400.

The governor, on Wednesday, received an Army delegation at the Government House in Benin City, where he officially launched a statewide sensitisation campaign aimed at boosting awareness and participation.

The initiative is part of the nationwide drive for the 91 Regular Recruitment Intake, which began on March 30 and is scheduled to close on May 17. While approximately 38,000 applications have been recorded across the country, Edo’s figures remain significantly below target.

Speaking during the meeting, Okpebholo revealed that his administration had already commenced awareness efforts but would now intensify outreach across all local government areas. He also pledged to leverage the state-owned media platform, Edo Broadcasting Service, to amplify the campaign.

According to him, local government chairmen will be mobilised to spread information at the grassroots level to ensure wider reach and improved participation.

The governor further appealed to the Army authorities to consider extending the application deadline, citing challenges faced by youths in rural communities who lack internet access and may be unaware of the opportunity.

Leading the Army delegation, M. U. Ikobah commended the governor’s proactive stance, noting that the Army plans to recruit about 14,000 personnel nationwide—translating to an estimated 300 to 400 slots per state.

Other top officials present at the meeting included A. O. Balogun and key members of the Edo State Executive Council.

Following the discussions, the sensitisation campaign moved to the New Festival Hall within the Government House, where more than 300 youths were addressed and encouraged to share information about the recruitment drive within their communities.

The Nigerian Army conducts periodic nationwide recruitment exercises to strengthen its workforce, particularly as rising security challenges across regions such as the North-East and North-West continue to stretch military resources.

Kate Henshaw Slams Gatecrashers: “Respect Yourself and Stay Away”

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Kate Henshaw Slams Gatecrashers: “Respect Yourself and Stay Away”

Kate Henshaw has strongly criticised the growing trend of gatecrashing at social events, calling on individuals to respect boundaries and show consideration for event hosts.

In a video shared on Instagram, the Nollywood actress expressed frustration over people who attend parties without invitations, as well as those who misuse personal invites by bringing along unapproved guests.

Henshaw questioned the intentions of such individuals, describing the behaviour as both disrespectful and inconsiderate. According to her, showing up uninvited undermines the effort, planning, and resources that organisers invest in hosting events.

She also took aim at guests who receive invitations meant for one person but arrive with multiple companions without informing the host.

Speaking candidly, Henshaw said the trend has become widespread and continues to persist despite its negative implications. She urged people to value self-respect and avoid forcing themselves into spaces where they are not welcome.

“Why don’t you respect yourself and stay away?” she asked, emphasising that gatecrashing is simply rude behaviour.

The actress concluded by encouraging better social etiquette, reminding the public that respecting invitations is a basic sign of courtesy and regard for others.

Ado-Odo/Ota LG Chairman Delivers Goodwill Message as Ogun Deputy Governor Declares Baales’ 3-Day Retreat Open

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Ado-Odo/Ota LG Chairman Delivers Goodwill Message as Ogun Deputy Governor Declares Baales’ 3-Day Retreat Open

The retreat is aimed at strengthening grassroots governance and enhancing the leadership capacity of traditional rulers

Deputy Governor Noimot Salako-Oyedele

Ado-Odo/Ota LG Chairman Delivers Goodwill Message as Ogun Deputy Governor Declares Baales’ 3-Day Retreat Open

The Executive Chairman of Ado-Odo/Ota Local Government, Hon. Lawal Adewale Wasiu, FCA, has delivered a goodwill message at the opening of a three-day Strategic Leadership Retreat organized by the Ado-Odo/Ota Local Government Council of Baales, the event took place at the Crown City Resort, Agbara, Ogun State.

The retreat, described as the first of its kind, is aimed at strengthening grassroots governance and enhancing the leadership capacity of traditional rulers within the council.

In his goodwill message, Hon. Wasiu commended the Council of Baales for initiating what he described as a timely, strategic, and visionary programme designed to deepen leadership effectiveness and promote sustainable community development.

He emphasized the pivotal role of Baales as custodians of tradition and key links between the government and the grassroots, noting that they serve as the eyes, ears, and voice of their communities. According to him, their contributions remain essential in maintaining peace, promoting unity, preserving cultural heritage, and facilitating development at the local level.

The Chairman stated that empowering Baales with the right knowledge and leadership skills is a critical investment in the future of Ado-Odo/Ota, adding that such initiatives would lead to more organized, secure, and prosperous communities.

He reaffirmed his administration’s commitment to inclusive governance and acknowledged the indispensable role of traditional institutions in achieving meaningful progress across the Local Government.

Hon. Wasiu also highlighted key focus areas of the retreat, including strengthening leadership and administrative capacity, enhancing collaboration between traditional and political structures, promoting peacebuilding and conflict resolution mechanisms, and encouraging community-driven development initiatives.

He urged participants to actively engage in the sessions, share experiences, and embrace new ideas that would further enhance their effectiveness as community leaders.

The Chairman expressed confidence that the retreat would produce a more enlightened, coordinated, and forward-thinking Baaleship system capable of driving peace, stability, and development throughout Ado-Odo/Ota Local Government Area.

The event was attended by traditional rulers, political stakeholders, and other dignitaries who gathered to support the initiative and contribute to discussions focused on advancing grassroots leadership and community development.

ADC Leaders Storm Abuja in Protest Against INEC Over Leadership Dispute

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ADC Leaders Storm Abuja in Protest Against INEC Over Leadership Dispute

Prominent Nigerian political heavyweights, including Atiku Abubakar, Peter Obi, Rabiu Kwankwaso, Rauf Aregbesola, Rotimi Amaechi, and Aminu Tambuwal, on Wednesday led a high-profile protest in Abuja under the banner of the African Democratic Congress (ADC), challenging the Independent National Electoral Commission (INEC) over its refusal to recognise the party’s leadership headed by David Mark.

The demonstration, which attracted a large number of party loyalists, kicked off at Maitama Roundabout and moved through major routes in the Federal Capital Territory, with protesters advancing toward INEC’s headquarters.

Also present at the march was former Senate President David Mark alongside other influential stakeholders. Protesters displayed placards bearing messages advocating for the protection of democratic institutions and adherence to due process.

The protest signals deepening tensions within the ADC, as party leaders continue to demand formal recognition of their faction while pressing the electoral body to resolve disputes surrounding the party’s leadership structure.

During the procession, Rotimi Amaechi addressed supporters from a moving vehicle, as participants maintained a peaceful and orderly march.

In a statement posted on his X account, Atiku Abubakar said the protest was aimed at defending democratic values and drawing attention to concerns about INEC’s role.

“Our patriotic stance is aimed at safeguarding our democracy and preventing the erosion of democratic principles,” he stated, accusing the electoral umpire of partisanship.

The unfolding situation highlights ongoing internal challenges within the ADC, with stakeholders seeking clarity and resolution over its leadership crisis.

Windstorm Ravages Abuja Bus Terminal, Wike Orders Swift Repairs and Security Deployment

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Windstorm Ravages Abuja Bus Terminal, Wike Orders Swift Repairs and Security Deployment

A powerful windstorm swept through the Nyanya area of Abuja on Tuesday, causing damage to sections of the Kubo Bus Terminal and nearby structures.

The incident was confirmed in a statement issued by Lere Olayinka, spokesperson to the Minister of the Federal Capital Territory (FCT), Nyesom Wike. According to the statement, the storm, accompanied by heavy rainfall, also affected parts of a pedestrian bridge and a few surrounding buildings.

Despite the intensity of the weather, early reports indicate that no injuries were recorded and no vehicles were damaged.

In response, Wike has directed security agencies to immediately secure the affected area, maintain public order, and ensure the free flow of traffic. He also ordered prompt repair works to address the damage caused by the storm.

Authorities say measures are already being put in place to restore normalcy and prevent disruption in the busy district.

Iran Confirms Two-Week Ceasefire as Strait of Hormuz Set to Reopen Amid U.S. Pressure

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Iran Confirms Two-Week Ceasefire as Strait of Hormuz Set to Reopen Amid U.S. Pressure

Iran has officially confirmed a two-week ceasefire following an announcement by Donald Trump, signaling a temporary pause in escalating tensions that have rattled global energy markets.

According to Iran’s Tasnim news agency, which is affiliated with the Islamic Revolutionary Guard Corps (IRGC), Foreign Minister Abbas Araghchi stated that safe passage through the strategically vital Strait of Hormuz would be permitted during the ceasefire period. He noted that the arrangement would be coordinated with Iran’s armed forces while taking into account technical constraints.

The reopening of the critical shipping route was a key condition set by Trump, who had warned Tehran of potential strikes on its energy infrastructure—including bridges—if compliance was not met before a midnight GMT deadline.

The Strait of Hormuz, a crucial artery for global oil and gas shipments, has been largely shut since February 28, when the United States and Israel launched large-scale military operations against Iran.

A senior U.S. official indicated that Israel has agreed to abide by what Trump described as a “double-sided ceasefire,” suggesting mutual restraint from both sides.

Meanwhile, Pakistan has played a key mediating role in easing tensions between Tehran and Washington. Prime Minister Shehbaz Sharif announced that an immediate ceasefire between Iran, the United States, and their respective allies had taken effect across multiple regions, including Lebanon.

Sharif welcomed the development as a “sagacious gesture,” expressing gratitude to both nations’ leadership and inviting delegations to Islamabad for further negotiations aimed at reaching a comprehensive agreement.

Trump also revealed that Pakistan had urged restraint, requesting that the U.S. refrain from carrying out its threatened strikes.

In a potential breakthrough, the U.S. has received a 10-point proposal from Iran, which Trump described as a “workable basis” for renewed negotiations. According to reports by The New York Times, the proposal includes calls for the lifting of all sanctions imposed on Tehran.

The ceasefire marks a fragile but significant step toward de-escalation in a region critical to global energy stability.

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